Posted by admin in The amount I invested was $10K, we tried for 2 years with no results from Manufacturers, trade shows etc.....a loss for me.
Can I deduct the monies I used for marketing an invention that didn’t happen?
One Response to “Can I deduct the monies I used for marketing an invention that didn’t happen?”
Leave a Reply
In general, they look for a business to turn a profit in about 3 or 4 years. So a couple of years of start up losses and then no further deductions from the same business activity would not raise eyebrows over at the IRS. They would just assume what actually happened. The business had some start up costs and never made it.